The top three barriers to entrepreneurial success and how to overcome them

We are all capable of coming up with the next world-changing idea and quite frankly, millions of us actually do, on daily basis. As humans, we’re constantly observing and learning from one another and thinking of solutions to advance our personal lives and humanity in general.

Even though we have the mental and physical capacity to be successful, there are barriers that always stand in the way that truly differentiates between someone who wants to achieve great things in life and someone who is just a dreamer.

Founders will know these barriers all too well. Even in the early days of a business, as they continue to work on their idea and build it from nothing, there can be shortcomings that may prevent one from making their dreams and visions a reality. When we launched AskforTask in 2013, we immediately realised the challenges we would have to face in order to bring our vision to fruition.

After all these years, despite overcoming numerous challenges and making AskforTask the largest platform in Canada as we continue doubling our business every year, we are still faced with these barriers on a daily basis and are far from our initial ultimate vision.

One primary thing I’ve learned as to why so few people manage to be truly successful in life is that it’s our own mentality that prevents us from achieving the great things we are capable of. Expanding on this further, there are three barriers that prevent people from turning their ideas to reality.

1. Money

Every idea needs funding and money to turn it into a business. For most of us, financing a business or securing enthusiastic investors can seem impossible. Any business starts with funding, and this means you’re going to have to put yourself out there to promote what you believe in. This, in return, is going to make hearing "no" all too common.

It is important to not get overwhelmed by this challenge of seeking financial backing. Money can often be an intimidating aspect in the business, but facing it head-on is the first step in achieving greatness. In 1985, the founder of Starbucks, Howard Schultz was seeking investment in his coffee company. According to him, over the course of a year, he spoke to 242 people and 217 of them said no. Ultimately he was able to get that one yes and because of that, Starbucks became what it is today.

Hearing people tell you why they don’t like your idea is inevitable but overcoming the rejection and continuing the hustle is an important part of this process.

Read: How to create the perfect space for thinking

2. Fear of failure

Let's face it, we all fear failure. Failure meticulously looms over our shoulders contemplating defeat. While fear is apparent to most, it’s a choice to consider. Sir Richard Branson himself is the best example of this, in 1994, he launched Virgin Cola, a drink willing to compete with Coca-Cola. While the drink was an immediate hit, it’s popularity came to a sudden halt when Coca-Cola went at lengths to rid stores of it. Virgin Cola was eventually defeated and discontinued. But that was just one of a few failures out of his some 250 businesses within Virgin brand. Despite these handful barriers, Virgin continues to be one of the most successful and recognised brands globally,

Failure is associated with risks and stakes. Even though, we tend to pour every inch of our effort into our idea, the key is to avoid self-doubt. There’s a reason we believe in a specific idea and are willing to go to such strides to make this vision a reality. Having firm belief in oneself is the first step towards crushing the fear of failure.

3. Lack of a plan

I truly believe in this popular quote by Antoine de Saint-Exupéry, "A goal without plan is just a wish". The most effective way of calculating success is executing a plan that lead towards achieving the goal you’re setting for yourself, be it personal or professional.

One of the most reputable and visionary entrepreneurs of our time, Elon Musk and his company, SpaceX recently announced their achievement in launching a mission into space by using recycled rockets. This will greatly reduce the cost of space travel and save companies millions of dollars in the process.

With SpaceX’s next goal already being in place, Musk is well on his way to his ultimate goal; sustaining life on Mars.

Lack of planning causes us to fumble when these barriers hit us that results in us ultimately questioning your vision. Having a very specific plan drives accountability and that gives us  the push we need to make our dreams a reality.

This is a guest blog and may not represent the views of Virgin.com. Please see virgin.com/terms for more details. Thumbnail from gettyimages.

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